Sales: According to the East Alabama Board of Realtors, Phenix City area residential sales totaled 126 units during May, up 17.8% from 107 sales in the same month a year earlier. May sales were down 7.4% compared to 136 sales in April. Results were 26% above the five-year May average of 100 sales. Two more resources to review: Quarterly Report and the Annual Report.
For all Phenix City area home sales data, click here.
Inventory: Homes listed for sale in the Phenix City area during May totaled 398 units, a decrease of 16.2% from 475 units one year ago and an increase of 4.2% from April 2019’s 382 units. May months of supply totaled 3.2 months, a decrease of 28.8% from May 2018. May’s months of supply increased 12.5% from April’s 2.8 months of supply.
Pricing: The Phenix City median sales price in May was $177,400, an increase of 12.3% from one year ago and an increase of 11.9% from the prior month. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days on the market (DOM) for homes sold during May was 96 days, equivalent to May 2018 and a decrease of 12.7% from 110 days in April.
Forecast: May sales were 19 units, or 17.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 107 sales for the month and actual sales were 126 units. ACRE forecast a total of 456 transactions in the Phenix City area year-to-date, while there have been 541 transactions through May.
ACRE’s statewide perspective: While nationwide residential sales dropped 1% in April, demand for housing in Alabama remained strong. Statewide residential sales increased 4.4% from 5,574 closed transactions in April 2018 to 5,820 in April 2019. Year-to-date, sales increased 3.8% from 2018. Home price appreciation in the state continued to climb as the median sales price in April increased 3.2% year-over-year from $155,250 to $160,283. The statewide median sales price is also up 3.2% year-to-date. Although nationwide inventory levels are trending upward, Alabama’s residential listings decreased 10.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and in the spring buying season of 2019. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during April spent an average of 93 days on the market, an improvement of three days from April 2018.
NAR’s national perspective: During April, total existing-home sales nationwide declined 1.1% from approximately 460,000 closed transactions one year ago to 455,000 currently. The nationwide median existing-home price increased 3.6% in April, marking 86 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions. Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”
Click here to view the entire monthly report.
The Phenix City Residential Monthly Report is developed in conjunction with the East Alabama Board of Realtors.